Edgewater Exploration Ltd.

Edgewater Exploration Ltd.

June 23, 2011 09:15 ET

Edgewater Recieves Additional $2,200,000 From Warrant Exercise Kinross Gold Exercises All Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2011) - Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW)(OTCQX:EDWZF) is pleased to announce the Company has secured an additional $2,200,000 from the exercise of all warrants attached to a financing which closed June 22, 2010.

Kinross Gold Corporation ("Kinross") (TSX:K)(NYSE:KGC), a shareholder of Edgewater, exercised 1,000,000 warrants in connection with an earlier private placement which closed June 22, 2010. Kinross now holds 3,625,000 Shares and 5,312,500 warrants (5,000,000 of which are only exercisable in the event that Edgewater delineates a 3,000,000 Au oz Measured and Indicated resource for the Company's Enchi Gold project), representing 12.6% of Edgewater's outstanding shares (assuming the exercise of all warrants held by Kinross only).

Proceeds of the additional capital and the recent financing will be used to advance the Company's Corcoesto Gold Project, the Enchi Gold Project and for general working capital.

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the Enchi Gold Project in Ghana, West Africa and the Corcoesto Gold Project in northwest Spain.

On behalf of the board of EDGEWATER EXPLORATION LTD.

George Salamis, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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